The best time to apply for life insurance is when you’re young, healthy, and not likely to need it soon. The reason is simple: The younger you are, the lower your life insurance premium will likely be due to your probable lack of severe medical conditions.
To illustrate the difference in premiums over time, let’s take a look at the hypothetical price quote for two healthy women at two different ages.
- Jen is 25. She’s at a healthy weight, has no significant medical conditions, and is a non-smoker. For $500,000 of coverage for 20 years, Jen is quoted $17.91 per month.
- Kerry is 45, with all other factors being the same. However, her monthly price for $500,000 in coverage for 20 years is around $46 per month. That’s more than two and a half times what Jen would be paying.
When you’re first starting your career, it can be tough to think about adding one more bill to the pile. But the longer you wait to purchase life insurance, the more expensive it’ll likely get.
Most people don’t want to think about what’ll happen when they’re gone. However, by putting some thought into your life insurance coverage when you’re young, you’re being proactive and providing your family with peace of mind. Additionally, life insurance can cover childcare costs, higher education for your children, and outstanding loans or debts.
No one knows what their future has in store, and no one knows the date of their death, but buying life insurance is something you can do now that makes sense for later. Your financial professional can provide advice and guidance to help you get the best coverage for any age and stage of your life. Call today at (540) 720-5656 to ask questions and check that your journey through life is insured!
Amy Anderson joined the ILG Financial team in 2023 as the client relations coordinator. Her responsibilities include scheduling of appointments, annual check-up notifications, and annuity and required minimum distribution assistance. She is a graduate of Harding University with a degree in Computer Information Systems. Amy and her husband have two children and she enjoys reading, crocheting, music and spending time with her family.
Chase Lopez joined the ILG Financial team in 2020 as an advisor. Chase is a 2016 James Madison University graduate with a degree in management. Chase has been trained under the tutelage of Dave Lopez, who is not only the founder and managing member of ILG Financial, but also is Chase’s uncle and godfather. He also enjoys working alongside his cousin, Megan, who is Dave’s daughter. Chase, as a fiduciary, believes in putting his clients interests first, and building out plans for his clients where they can have a happy and fruitful retirement. He married his beautiful wife in February 2022 and both use most of their free time chasing around their little pup, Aurora.
Jessica Carson joined the ILG Financial team in 2018 as an agent. Jessica and her husband have four children, two dogs, 3 barn cats, 5 chickens, and three parakeets. She indeed loves her children and pets! When not at work, Jessica enjoys playing the piano and cello as well as traveling and spending time outside with her family, hiking, fishing, and boating.
Terri Center joined the ILG Financial team in 2019 as client services manager. She handles client records, application processing, and gathering information to provide a professional and friendly experience with all of our clients. Terri is a graduate of Oakland University. She is married and has two children. She enjoys hiking, family time, and puzzle challenging video games. She also likes to share her creativity in her canvas paintings and sewing projects.
Megan Jones joined the ILG Financial team in 2020 as marketing director. Megan and her husband live in Fredericksburg, VA with their German Short Haired Pointer, Gus. Megan is a graduate of Longwood University and holds a degree in communications. Megan is the oldest of Dave Lopez’s three children and not only enjoys working alongside her father, but also with her cousin, Chase, who joined the ILG Financial team in 2020 as an advisor. When not at work, Megan enjoys sitting on the back porch with family and friends enjoying food and music.